Floorless Preferred Stock/Debenture Message Board

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Strategies & Market Trends : Floorless Preferred Stock/Debenture

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To: Sir Auric Goldfinger who wrote (882)	8/24/1999 4:27:00 PM
From: Zeev Hed	Read Replies (2) of 1438

Auric, until Feb 17 2000, the issue is floored at the worst case to 7.8 or so. What I could not understand is what happens after that date if the stock drops, let say drastically under $7.35. The language does not make sense there. In any event, for the next six month the debenture has a floor of $7.85 and a ceiling of $10.85 (roughly). Not really a bad deal if ASTN thinks and knows that they will be operating in positive cash flow territory by then. What happens if we have a sudden bear market and general volume declines drastically, and they do not reach break even, well, I can't say. Zeev

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